Some Homeowners Beg For Foreclosure

Unfortunately this is the reality of the current housing crisis.  But at the same time, if there is a huge backlog why don’t the banks hire more people especially during times of high unemployment?  Also, the banks are turning these foreclosures over to the same real estate agents and title companies who can’t keep up with the volume of deals coming across their desk.   There are many people in the real estate world that are starving and are good at what they do.  The banks need to start spreading their foreclosures to others.  I heard a story of one law firm in South Florida that has 32,000 foreclosures from Wells Fargo that they haven’t even touched.  I can’t even imagine 320 foreclosures to work on. 

“A growing number of American homeowners are falling into financial limbo: They’re badly behind on payments, but their banks have not yet foreclosed.  “I have even begged them for a foreclosure,” delinquent mortgage-holder Charlotte Jensen said. When she realized she couldn’t save her Glen Allen home last year, she filed for bankruptcy, packed up her family and moved out. Nearly a year later, Bank of America has yet to take back the home.”

http://www.msnbc.msn.com/id/31516049/ns/business-washington_post/